MUMBAI: The real estate sector has always played a significant role in the Indian economy. The time for the sector couldn‘t have been better with huge demand as well as supply in both residential and commercial spheres. Leading the pack of the top real estate investment markets, India is expected to see a rise in FDIs, on the back of progressive reforms by the government as well as the confidence of the players in the segment.

With the increasing number of players in the Real Estate Industry, there is a need to monitor and give credibility to the sector. CNBC AWAAZ Crisil Credai Real Estate Award is India‘s biggest and most credible real estate platform that serves as a definitive benchmark for industry & consumers. Powered with a robust methodology and selection procedure designed by CRISIL, these awards ensure that the best developers and architects are rewarded for their outstanding work and contribution towards the society, the industry, and the nation as a whole.

The CNBC AWAAZ Crisil Credai Real Estate Award 2009 was graced by the presence of Kumari Selja - Minister of Tourism and Housing & Urban Poverty Alleviation and Deepak Parekh - Chairman, HDFC. The awards also witnessed attendance from some of the biggest names in the Real Estate Industry who came together to felicitate the best in the sector.This year‘s association with CREDAI makes these awards even more special by hosting these awards at Natcon 2010. CREDAI brings together 20 state/ city level associations that have over 5000 individual members who share a common vision to improve the real estate industry in India. As real estate is one of India‘s key economy drivers, CREDAI continuously strives towards making the Industry more structured and progressive.

While speaking at the occasion Mr. Sanjay Pugalia, Editor-in-Chief, CNBC AWAAZ said, "Over the past 5 years, CNBC AWAAZ has championed the cause of financial literacy, empowering every community and evolving into a platform for citizens to voice their opinions. The Real Estate sector is growing phenomenally. CNBC AWAAZ Real Estate Awards will help consumers make an informed choice by recognizing the best in the industry."

Methodology of the Awards

CRISIL will be selecting the winners for the various categories of awards based on a rigorous two stage selection procedure. The first stage will be the Short listing stage while the second stage will be the Selection stage.

In the Short listing stage, all the data submitted by the developers in the application form will be thoroughly scrutinized by CRISIL based on stringent short listing criteria. CRISIL might also seek additional information relating to the project from the developer. Based upon the information submitted by the developers, CRISIL will choose a list of finalist in this stage.In the selection stage, the finalist would be invited to make a presentation in front of the Jury. CRISIL will also ask for a declaration from the developer relating to the project, during this stage. The Jury will evaluate the presentation made by the developer based on the criteria and also ask questions relating to the project and the promoters. The Jury will select the winners for the various categories based upon the presentations made.

What to Read Next

The Telecom Regulatory Authority of India (TRAI) on Tuesday cautioned stakeholders against spreading “concocted and fabricated facts” against its new tariff directive, while releasing a list of TV channels along with their respective maximum retail prices as per information received from broadcasters.